16514179 2025-04-01 2026-03-31 16514179 2025-04-01 2026-03-31 0 16514179 2025-04-01 2026-03-31 0 16514179 2025-04-01 2026-03-31 1 16514179 2025-04-01 2026-03-31 2 16514179 2025-04-01 2026-03-31 3 16514179 2025-04-01 2026-03-31 4 16514179 2025-04-01 2026-03-31 0 16514179 2025-04-01 2026-03-31 1 16514179 2025-04-01 2026-03-31 0 16514179 2024-04-01 2025-03-31 16514179 2026-03-31 16514179 2025-03-31 16514179 2024-04-01 fsa:ContributedCapitalMember 16514179 2024-04-01 fsa:ReserveForDevelopmentExpenditureMember 16514179 2024-04-01 fsa:RetainedEarningsMember 16514179 2025-04-01 2026-03-31 fsa:ContributedCapitalMember 16514179 2025-04-01 2026-03-31 fsa:ReserveForDevelopmentExpenditureMember 16514179 2025-04-01 2026-03-31 fsa:RetainedEarningsMember 16514179 2026-03-31 fsa:ContributedCapitalMember 16514179 2026-03-31 fsa:ReserveForDevelopmentExpenditureMember 16514179 2026-03-31 fsa:RetainedEarningsMember xbrli:pure iso4217:DKK 26911745 KMD A/S Lautrupparken 40-42 2750 Ballerup Revisionspåtegning Konklusion Grundlag for konklusion Årsrapport Regnskabsklasse C, mellemstor virksomhed 2025-04-01 2026-03-31 2024-04-01 2025-03-31 true 104 EDLUND A/S Lautrupparken 40Lautrupparken 40 2750 Ballerup 16514179 33 2026-06-22 Søren Ingerslev Today, Management has considered and adopted the Annual Report of EDLUND A/S for the financial year 1 April 2025 - 31 March 2026. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 March 2026 and of the results of the Company's operations for the financial year 1 April 2025 - 31 March 2026. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Ballerup 2026-06-22 Christian Norman Scheuer CEO Thomas Jul Pfeiffer Mikkel Østrup Camilla Malene Sommer Chairman Vice Chairman Member Line Juhl Holger Bock Axelsen Employee Representative Employee Representative To the shareholders of EDLUND A/S OpinionWe have audited the financial statements of EDLUND A/S for the financial year 1 April 2025 - 31 March 2026, comprising of an income statement, balance sheet, statement of changes in equity, notes and accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 March 2026 and of the results of its operations for the financial year 1 April 2025 - 31 March 2026 in accordance with the Danish Financial Statements Act. Basis of opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibility under those standards and requirements are further described in the “Auditors' responsibility for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statement in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management considers necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern; disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting in preparing the financial statements unless Management either intends to either liquidate the Company or suspend operations, or has no realistic alternative but to do so. The auditor's responsibility for the audit of the financial statementsOur responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: *Identify and assess the risk of material misstatements in the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or override of internal control. *Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. *Evaluate whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. *Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. *Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control which we identify during our audit. Statement on Management's ReviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Copenhagen 2026-06-22 KPMGStatsautoriseret Revisionspartnerselskab 25578198 Kenn Wolff Hansen Christian Miltersen Sørensen State Authorised Public Accountant State Authorised Public Accountant mne30154 mne50702 EDLUND A/S 2750 Ballerup 36150630 16514179 1992-10-01 Ballerup 2025-04-01 2026-03-31 Dampfærgevej 28 2100 Copenhagen The company's principal activitiesEdlund A/S is an innovative software development house with around 100 employees and associated consultants. We develop systems targeted at the life and pensions industry. We implement and maintain our solutions in cooperation with our customers, and we supply consulting services. Edlund's position in the market is unique due to our strong understanding of the industry combined with the high academic skills of our employees within actuarial sciences, financial mathematics and computer science. Our products and consulting services are business critical for our customers, and Edlund emphasizes and values a very close relationship with our customers. We are known for the high level of quality in our deliveries, as well as the credibility and expertise we have achieved over more than 30 years in the market. Development in activities and the financial situationThe Company's Income Statement of the financial year 1 April 2025 - 31 March 2026 shows a result of TDKK -17.922 and the Balance Sheet at 31 March 2026 a balance sheet total of TDKK 268.204 and an equity of TDKK -38.942.Software revenues increased as expected and we are satisfied with the overall revenue growth of 5,4% which is in line with the prior year growth expectations. EBIT is better than expected (6mdkk) due to increased efficiencies and a reduction of fixed cost.Expectations for the futureOur Annual Report reflects a long-term investment strategy from our Owners into our new Life and Pension Solution. The Company expects revenue to be moderately increasing (5-10%) in the coming years due to increasing software license revenue and consultancy revenue. The increase in revenue is expected to partially offset the loss from operating activities and, at a minimum, reduce the loss for the year by 5-10%.The future operations of the Company are expected to be part of the parent company, KMD A/S, as the Company is expected to be merged with KMD A/S with accounting effect as per 1 April 2026.Uncertainty regarding recognition and measurementUncertainty regarding recognition and measurement is described in note 7 and covers impairment inrelation to completed development projects.Capital resources The Company has lost its share capital. Management expects that the Company will be merged into KMD A/S with accounting effect as per 1 April 2026. For further details, see note 1 to the financial statements.Knowledge and know-how resourcesIn recent years, technological development has been taking place extremely rapidly, and customers expect innovative solutions deploying the latest technology. This creates a need for Edlund to develop the competencies its employees and managers. Edlund is adressing this challenge in part through our transparent career model for upskilling and retaining capable employees to undertake the various development tasks.Environment and climateThe company has implemented policies and procedures to ensure compliance and progress in respect of environment and climate. Research and development activitiesOur main stategic focus area continues to be product development, sale and support of software.Subsequent eventsEdlund A/S has started the legal process for merger with KMD A/S. The merger will legally be finalized shortly after the approval of the annual report and will be effective from April 1 2026. KMD A/S will be the continuing company. 2025/262024/252023/242022/232021/22Revenue183.482174.101165.344203.322211.915Gross profit128.492113.172106.603116.368120.304Operating profit/loss-16.557-32.867-24.4995.03813.026Net financial income and expenses-6.988-10.250-10.844-5.470-2.614Profit/loss for the year-17.922-31.309-29.715-6.40314.014Investment in property, plant and equipment0000347Total equity-38.942-21.02010.28940.00446.407Total assets268.204313.296353.920366.569363.448Profit margin (%)-9,02-18,88-14,822,486,15Solvency ratio (%)-15-631113Avg. number of full-time employees98104121134147For definitions of key ratios, see Accounting PoliciesKey ratios are calculated in accordance with "Recommendations and ratios" from CFA society Denmark 183482 174101 54990 60929 128492 113172 105881 106397 39168 39642 -16557 -32867 223 246 7211 10496 -23545 -43117 -5623 -11808 -17922 -31309 257853 297021 257853 297021 257853 297021 4662 5641 2365 6614 637 571 122 109 2565 1243 10351 14178 0 2097 10351 16275 268204 313296 500 500 201126 231676 -240568 -253196 -38942 -21020 46034 51591 46034 51591 19865 19527 19865 19527 2282 1258 221269 238484 12201 15525 5495 7931 241247 263198 261112 282725 268204 313296 500 231676 -253196 0 -30550 12628 500 201126 -240568 The annual report of EDLUND A/S for 2025/26 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The Company has not included a cash flow statement due to Danish Financial Statements Act §86, 4. Translation policiesTransactions in foreign currencies are translated into DKK at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into DKK based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the income statement under financial income and expenses. Basis of recognition and measurementIncome is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount.In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income statement RevenueRevenue is measured based on the consideration to which the Company expects to be entitled in a contract with a customer and excludes amounts collected on behalf on third parties.Revenue can be recognized over time or at a point in time. Revenue is recognised over time, when an asset on behalf of a customer is created with no alternative use and Edlund has enforceable right to the payment for the performance completed year to date, or the customer obtains control of a service and has the abiltity to direct the use and obtain the benefit from the service. The company's primary service offerings include information technology consulting services and operations solutions. Consulting service are generally provided on a time-and-material basis. Revenue from software as a service is recognized over time in the period of the solutions are provided, which will either be based on utlization or using the straight-line-method over the term of the contracts. Licence and royalty income is recognised over time equal to the period covered by the contract. Other external expensesOther external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. Staff expensesStaff costs include wages and salaries including compensated absence and pension to the Company's employees, as well as other social security contributions etc. Depreciation, amortisation and impairment of tangible and intangible assetsDepreciation, amortisation and impairment of intangible and tangible assets has been performed based on a continuing assessment of the useful life of the assets in the Company. Non-current assets are amortised or depreciated on a straight line basis, based on cost, on the basis of the following assessment of useful life and residual values:Useful lifeCompleted development projects3-10 yearsProfit or loss resulting from the sale of intangible assets or property, plant and equipment is determined as the difference between the selling price less selling costs and the carrying amount at the date of sale, and is recognised in the income statement under other operating income or expenses. Financial income and expensesFinancial income and expenses are recognised in the income statement based on the amounts that concern the financial year. Financial income and expenses include interest income and expenses, accounts payable and transactions in foreign currencies, and surcharges and allowances under the tax prepayment scheme. Tax on profit/loss for the yearTax on profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. Balance sheet Intangible assetsAn impairment test of intangible assets is performed in the event of indications of a decrease in value. The impairment test is performed for each individual asset and group of assets, respectively. The assets are written down to the higher of the asset's or asset group's value in use and the net selling price (recoverable amount) in the event that this one is lower than the carrying amount. Development projects that are clearly defined and identifiable, and where the degree of technical utilization, sufficient resources and a potential future market or development potential in the Company are provable and where the intention is to manufacture, market or use the product or process are recognised as intangible assets if the value in use can be determined reliably and it is sufficiently certain that future earnings can cover production, sales and administration costs as well as total development costs. Other development costs are recognised as costs in the income statement as they incur.Development costs comprise costs, including wages and salaries, that are directly or indirectly attributable to the development activities of the enterprise and meet the recognition criteria.Capitalized development costs are measured at cost on initial recognition and subsequently at the lower of cost less accumulated amortization and the recoverable amount. The carrying amounts of property plant and equipment are tested annually to determine whether there is any indication of impairment other than what is expressed by depreciation. If so, the assets are tested for impairment to determine whether the recoverable amounts are lower than the carrying amounts and the relevant assets are written down to such lower recoverable amounts. The recoverable amount of an asset is determined as the higher of the net sales price and the value in use. Where the recoverable amount of the individual assets cannot be determined, the assets are grouped together into the smallest group of assets that can be estimated to determine an aggregate reliable recoverable amount for those units. ReceivablesReceivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts.Impairment of accounts receivables past due is established on the difference between the booked value of recieveables and the fair value of the expected cash-flow from accounts recieveables. PrepaymentsPrepayments are recognised in assets comprises prepaid costs regarding subsequent financial years. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. EquityReserve for development cost The reserve is not available for the payment of dividens or losses. The reserve is deducted or dissolved by amortisation of the recognised costs or abandonment of the activity. Such reduction or dissolution is made by means of a transfer to distributable reserves. Deferred taxDeferred tax and the associated adjustments for the year are determined according to the balance-sheet liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax assets, including the tax base of tax losses allowed for carryforward, are recognised at the value at which they are expected to be used, either by elimination in tax on future earnings or by set-off against deferred tax liabilities in enterprises within the same legal entity and jurisdiction.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Current tax liabilitiesCurrent tax liabilities and current tax receivables are recognised in the Balance Sheet as calculated tax on the expected taxable income for the year, adjusted for tax on taxable income for previous years as well as for tax prepaid. Other payablesOther payables are measured at amortized cost, which usually corresponds to the nominal value. Deferred incomeDeferred income entered as liabilities consist of revenue related to subsequent financial years. Explanation of key ratiosKey figures and financial ratios are determined based on "Recommendations & Financial Ratios" issued by the Danish Society of Financial Analysts.Solvency ratio (%)=EquityTotal liabilities and equityProfit margin=Operating profit (EBIT) X 100Revenue 1. Capital resourcesThe company has lost more than half of its capital and are subject to section 119 of the danish companies act governing rules relating to the loss of capital. Edlund A/S will merge into KMD A/S with accounting effect per 1 April 2026 Edlund A/S has recieved a letter of support from its parent company, KMD A/S, CVR-no 26 91 17 45, according to which KMS A/S guarantees to provide the capital required by the company to fund its operation, the execution of planned investments and the settlement of the company's financial liabilities as due.The letter of support is valid until the merger is completed and all legal liabilities are transferred to KMD A/S. 2. Staff costs2025/262024/25DKK'000DKK'000Wages and salaries92.19692.634Pensions13.12012.981Social security contributions565782105.881106.397Hereof remuneration to managementManagement & board of directors2.8422.8012.8422.801Average number of employees98104 98 104 3. Financial incomeInterest income from group enterprises63245Other financial income1601223246 4. Financial expensesInterest expenses to group enterprises6.1079.711Other financial expenses1.1047857.21110.496 6. Distribution of profit/loss2025/262024/25DKK'000DKK'000Transferred to reserve for development costs-30.550-31.703Retained earnings12.628394-17.922-31.309 7. Completed development projects20262025DKK'000DKK'000Cost at the beginning of the year389.161497.655Disposal during the year0-108.494Cost at the end of the year389.161389.161Amortisation at the beginning of the year-92.140-161.428Amortisation-39.168-39.206Reversal of amortisation of disposed assets0108.494Amortisation at the end of the year-131.308-92.140Carrying amount at the end of the year257.853297.021Development projects relate to the development and improvements of the Company's IT-solutions. It is expected, that the solution will be sold to customers on the existing market and to new markets. Completed development projects are reviewed annually for indications of impairment. Where indications of impairment are identified, an impairment test is carried out for the individual development projects. The impairment test is based on various factors, including future use of the projects, the present value of expected future earnings, plus interest rate and other risks. For Edlund A/S, the measurement of development projects could be significantly impacted by material changes in estimates and assumptions underlying the calculated values, including developments in technologies and interest rates. 8. PrepaymentsPrepayments mainly relate to costs relating to third-party service contracts relating to software, maintenance and consulting within 1 year. 9. Deferred tax20262025DKK'000DKK'000Equipment-1.488-1.984Development projects56.72865.345Leasehold improvements-263-336Tax loss-8.943-11.434Balance at the end of the year46.03451.591 10. Other Payables - Long termDue withinDue betweenDue1 year1-5 yearsafter 5 yearsDKK'000DKK'000DKK'000Frozen Holiday accruals3752.14117.724Holiday Pay6.12700Employee Bonus4.66100Other payables1.0380012.2012.14117.724 11. Deferred incomeDeferred income consists of prepayments regarding income to be recognised in the subsequent financial years. 12. Significant events occurring after end of reporting periodEdlund A/S has started the legal process for merger with KMD A/S. The merger will legally be finalized shortly after the approval of the annual report and will be effective from April 1 2026. KMD A/S will be the continuing company. 13. Contingent liabilitiesEdlund A/S has currently no leasing commitments. Leasing commitments are handled through the parent companies, as the leasing holder. Edlund A/S is paying the commitments through management fee.Edlund A/S is jointly taxed with the other Danish Group Companies in the KMD Group. The joint taxation also covers withholding tax in the form of tax on dividends, royalties and interest. The Danish Group Companies are jointly and severally liable for the joint taxation. Any subsequent corrections to tje taxable income subject to joint taxation or withholding taxes may lead to a higher liability. 14. Related partiesEdlund A/S is fully owned by KMD A/S which is a part of KMD Group. The Company is ultimately a 100% owned subsidiary of NEC Corporation and is included in the consolidated financial statements of NEC Corporation. A copy of the Consolidated Financial Statements can be obtained through tKMD Secretary at Lautrupparken 40, 2750 Ballerup, Denmark.Related party transactions: (DKK'000)2025/262024/25Sales of good and services68.14061.392Purchase of goods and services41.39642.995Interest income, Group63245Interest expense, Group6.1079.711Tax receivables637571Receivables2.365 6.614Payables221.269238.484